Electric car wonderland Norway's oil exploration reaches a record in 2018
Norway is known for adopting electric vehicles at a record rate, but at the same time the Scandinavian country is accelerating search for oil. Oil exploration permits reached record levels in as prices soar. A large chunk of profits will pay for EV subsidies.
Ever since oil was discovered in the North Sea, the commodity as been a significant part of the country's economy. Oil has made Norway incredibly rich and it has enabled the country to amass the world's largest sovereign wealth fund.
Norway is known as a technically advanced country that is also environmentally aware. The state fund, for example, began divesting from fossil fuels in 2017 and it has been a model country for electric vehicle adoption. Hefty subsidies have made the country a largest EV market in Europe for many years, with Germany only surpassing Norway in 2018.
The country's gargantuan one trillion dollar fund continues to make money, reaching record profits in 2017 due to strong financial markets. However, oil is running out from the North Sea oilfields. Production has peaked, and the industry has scaled down. Still the country continues to push forward with exploring new units. In 2018 the country handed out a record number of oil discovery permits.
The country is looking to make use of resources up North, at the Norwegian and Barents sea regions. The reason for the extended efforts to extract oil from the seabed is the rising price of oil. In the capitalist system it is natural. However, it does seem like a case of double standards to drill for oil while you divest from the industry and spend oil profits subsidies for electric vehicles.
Not only will the pollution be done elsewhere, but as is known, Electric Vehicles alone will not reduce total oil consumption as long as the increasing air traffic will require jet fuel, whose production will also produce gasoline and diesel.